Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][9][14] Core Views - The company has shown steady profit growth with a slight increase in net profit of 0.1% year-on-year for the first three quarters of 2025, despite a 1.8% decline in operating income [4][7] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 1.08% as of the end of the third quarter [7][9] - The report highlights a robust growth in deposits, which increased by 7.6% year-on-year, supporting the bank's overall stability [4][7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating income of 161.2 billion yuan, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 63.1 billion yuan, a slight increase of 0.1% [4][7] - The bank's net interest income saw a year-on-year decline of 0.6%, while non-interest income decreased by 4.5% [7][9] Asset Quality - The NPL ratio remained stable at 1.08%, with the coverage ratio at 228% and the loan-to-deposit ratio at 102.21% [7][11] - The bank's total assets grew by 3.5% year-on-year, with loans increasing by 4.3% and deposits by 7.6% [4][7] Future Projections - The report projects a modest growth in net profit for 2025-2027, with expected growth rates of 1.3%, 4.5%, and 5.3% respectively [9][12] - The price-to-book (P/B) ratios for 2025-2027 are estimated at 0.53x, 0.49x, and 0.46x, indicating a favorable valuation [9][12]

Core Viewpoint - Spring Airlines has announced a loan commitment from Industrial Bank Co., Ltd. Shanghai Branch for a maximum amount of 450 million yuan, specifically for stock repurchase purposes [1] Group 1 - The loan amount is capped at 450 million yuan, which is 90% of the repurchase amount limit [1] - The loan term will not exceed 3 years [1] - The funds will be exclusively used for the repurchase of the company's own shares [1]

Group 1 - The banking sector saw an increase of 1.41% on November 3, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] - Major banks such as China Merchants Bank and Everbright Bank reported significant price increases of 2.20% and 2.10% respectively [1] Group 2 - The banking sector experienced a net inflow of 663 million yuan from institutional investors, while retail investors saw a net outflow of 222 million yuan [1] - China Merchants Bank had a net inflow of 2.41 billion yuan from institutional investors, indicating strong institutional interest [1] - Everbright Bank and Minsheng Bank also attracted significant institutional inflows of 1.47 billion yuan and 1.10 billion yuan respectively [1]

Core Insights - The recent disclosure evaluation results for listed banks in China for the 2024-2025 period show that all listed banks received ratings of B or above, with 22 banks rated A, indicating a strong performance in information disclosure [1] Summary by Category Overall Ratings - All listed banks achieved a rating of B or higher, with 22 banks rated A, reflecting consistent performance compared to the previous year [1] - Only six banks experienced rating changes, with five banks improving their ratings and one bank, Shanghai Bank, experiencing a downgrade [1] Banks with Rating Changes - The following banks improved their ratings: - Zhangjiagang Bank - Hangzhou Bank - Huaxia Bank - Everbright Bank - Zhejiang Commercial Bank [1] - Shanghai Bank was the only bank to see a downgrade in its rating [1] Detailed Ratings - A selection of banks and their ratings includes: - Ping An Bank: A - Ningbo Bank: A - Agricultural Bank of China: A - Industrial and Commercial Bank of China: A - Shanghai Bank: B (downgraded) [2]

Core Insights - The September 2025 Bank Social Media Index (SMI) highlights a significant rise in the rankings of several banks, with Industrial Bank's Douyin account "Qian Da Zhang Gui" achieving a remarkable jump to the second position due to its effective content strategy [1] - New entrants to the top rankings include Postal Savings Bank, Citic Bank, and Huishang Bank, indicating a shift in social media engagement within the banking sector [1] Group 1: Performance Highlights - Industrial Bank's Douyin account "Qian Da Zhang Gui" rose from outside the top rankings to second place, showcasing its balanced operation across various platforms including video accounts and public accounts [1] - Postal Savings Bank's content titled "New Atmosphere of Local Specialties" received 22,000 likes, emphasizing the bank's role in supporting local agriculture through comprehensive financial services [1] - The "100 Small Shops" series by MyBank highlighted a small business owner's innovative approach to offering affordable meal options, resonating well with users and contributing to the bank's social media presence [1] Group 2: Content Themes - The top content on Douyin this month featured diverse themes such as product promotion, brand awareness, financial education, and community support, reflecting a broad engagement strategy [1][2] - MyBank's focus on AI in finance was evident in its content, which showcased the practical applications of AI technology in credit services, aligning with current industry trends [2] - NewNet Bank's engagement with young audiences during the back-to-school season aimed to establish emotional connections and foster brand loyalty among future customers [2] Group 3: Social Media Engagement - The top-performing content on WeChat included discussions around personal consumption loan policies, indicating a growing interest in financial literacy among consumers [2] - Various banks utilized the back-to-school theme to create relevant content, such as Hengfeng Bank's practical financial advice for college students, which ranked sixth in user engagement [1][2]

Core Insights - The company actively implements the central government's decisions to promote rural revitalization strategies and deepen county economic development through specific financial support initiatives [1][3] Group 1: Financial Support Initiatives - The company has developed the "One County, One Industry, One Policy" marketing guidelines to support rural revitalization [1] - A special campaign named "Xing Bai County, Prosperous Industries, Benefit Thousands of Enterprises" has been launched to enhance financial services in rural areas [1] Group 2: Local Economic Development - The company has established a branch in the top county, Zhungeer Banner, located in Inner Mongolia, which is rich in coal resources and has developed a robust industrial system centered around coal, electricity, and coal chemical industries [1] - Financial representatives are deployed to engage directly with local enterprises, particularly in industrial parks and coal mining areas, to understand their financing challenges and design tailored financial service solutions [1] Group 3: Green Financing - A financial representative identified a financing need from a local green energy company involved in solid waste treatment related to coal mining, leading to the approval of an 8 million yuan inclusive loan through a green financing channel [1]

11月3日，工商银行（601398）发布关于暂停受理部分如意金积存业务申请的公告，受宏观政策影响， 根据工商银行风险管理要求，自2025年11月3日起，工商银行暂停受理如意金积存业务的开户、主动积 存、新增定期积存计划以及提取实物的申请，存量客户处于有效期内的定期积存计划的执行以及办理赎 回、销户不受影响。相关业务恢复事宜，请关注工商银行后续公告。 二是重点强化交易所场内交易的税收优惠，引导黄金交易向规范市场集中。 三是明确区分黄金投资性与非投资性用途，同时规范发票管理与合规要求，进一步厘清不同场景下的黄 金交易规则。 受此消息影响，今日（11月3日）早盘黄金零售股出现明显的下跌，港股中六福集团的跌幅最大，早盘 收跌8.44%，周大福跌7.8%；A股潮宏基（002345）逼近跌停，周大生（002867）跌超近4%，曼卡龙 （300945）、老凤祥跌约3%。 如意金积存业务是工商银行推出的一款黄金投资业务，简单来说，就是投资者（甲方）在工行（乙方） 开立专门账户，通过买入工行指定黄金产品并存放，后续可选择提取实物黄金或赎回的业务。 就在工行暂停部分如意积存业务前两天，11月1日，财政部、税务总局联合发布《关于黄 ...

Investment Rating - The report indicates a cautious outlook on the credit growth rate, suggesting a shift towards quality improvement, with expectations for a recovery in corporate loan increments by 2026 [5][9]. Core Insights - Credit growth is expected to slow significantly starting in 2024, but the decline in growth rate is anticipated to moderate by 2026, with corporate loans likely to see a year-on-year increase [7][9]. - The relationship between credit growth and economic growth is weakening, emphasizing the need to optimize credit structure and reduce idle financial resources [9]. - The report highlights that the banking sector's total asset growth will outpace loan growth in 2025, driven by government bond supply and fiscal policies [9]. Summary by Sections Credit Growth Forecast - New RMB loans are projected at 21.3 trillion, 23.6 trillion, and 18.9 trillion yuan for 2022, 2023, and 2024 respectively, with a further estimate of 14.7 trillion yuan for the first three quarters of 2025 [9]. - For 2026, new loans are expected to be between 17.2 trillion and 17.7 trillion yuan, corresponding to a growth rate of 6.3% to 6.5% [9]. Loan Composition - In 2023, the total RMB loans are expected to reach 237.59 trillion yuan, with a year-on-year growth rate of 10.6% [8]. - Retail loans are projected to grow from 80.10 trillion yuan in 2023 to 82.84 trillion yuan in 2024, reflecting a growth rate decline from 5.7% to 3.4% [8]. - Corporate loans are anticipated to increase from 157.07 trillion yuan in 2023 to 171.01 trillion yuan in 2024, with a growth rate of 12.7% [8]. Regional Performance - Regions such as Jiangsu, Zhejiang, Sichuan, and Shandong are expected to continue outperforming the national average in loan growth due to strong economic performance and support from new policy financial tools [12]. Banking Sector Dynamics - The report notes that state-owned banks are expected to maintain a competitive edge due to lower funding costs and capital injections from the Ministry of Finance [12]. - The net interest margin is in a downward trend, but the rate of decline is expected to slow starting in 2025, with some smaller banks potentially stabilizing their margins by 2026 [13][17]. Asset Quality - As of Q2 2025, the non-performing loan (NPL) ratio for listed banks is reported at 1.25%, indicating a stable asset quality despite pressures on retail credit [37]. - The report emphasizes that while retail loan NPLs have increased since 2021, corporate loan clearances have improved significantly, providing a buffer against retail risks [37].

Report Overview - The report analyzes the convertible bond holdings of public funds in Q3 2025, including scale, industry and style preferences, and factor performance [1][9] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - As of Q3 2025, public funds held convertible bonds worth 303.8 billion yuan, with the market value ratio increasing to 38.94%. Funds prefer convertible bonds with low BS pricing premium, high conversion value, large balance, and low conversion premium ratio. Factors such as maturity, implied volatility, and pure bond value have performed well this year [1][9] 3. Summary by Relevant Catalog 3.1 Publicly - Held Convertible Bond Scale - As of Q3 2025, 1581 public funds held convertible bonds, with a total scale of 303.8 billion yuan, accounting for 38.94% of the total convertible bond market value [9][13] 3.2 Convertible Bond Funds and Heavy - Held Convertible Bonds - Funds with large convertible bond holdings in Q3 2025 include Boshi CSI Convertible and Exchangeable Bond ETF, Haifutong Shanghai Stock Exchange Investment - Grade Convertible and Exchangeable Bond ETF, etc., all with holdings over 7 billion yuan. Funds with a high proportion of convertible bonds include Huashang Convertible Bond Selection A, Rongtong Convertible Bond A, etc., all with a proportion over 105% [15] 3.3 Convertible Bond Holding Industry Distribution - In terms of market value, the banking, power equipment and new energy, basic chemicals, and electronics industries have the largest holdings, all over 20 billion yuan. The banking industry accounts for 19%. Power equipment and new energy, banking, and basic chemicals are over - allocated, while power and utilities, non - banking, and construction are under - allocated [9][20] 3.4 Convertible Bond Holding Style Distribution - 21 style factors are constructed from four aspects: convertible bond valuation, underlying stock, trading, and terms. The market's funds prefer convertible bonds with low BS pricing premium, high conversion value, large scale, and low conversion premium ratio [22][27] 3.5 Convertible Bond Holding Factor Performance - From December 31, 2024, to October 29, 2025, factors such as maturity, implied volatility, implied volatility premium for 1 year, pure bond value, and peak factor have performed relatively well, with information ratios above 1.7 [29][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].